WASHINGTON (dpa-AFX) - Integer Holdings Corp. (ITGR), a medical device contract development and manufacturing organization or CDMO, announced Monday that it has entered into an agreement to divest its Electrochem Non-Medical business to Ultralife Corp. (ULBI) for $50 million in cash.
The transaction is expected to close by the end of October subject to customary working capital adjustments.
The company expects the sale to be neutral to its earnings per share. Following the transaction, Integer will be a pure-play medical business.
Electrochem business focuses on non-medical applications for the energy, military and environmental sectors.
Going forward, Integer will report the results of its Electrochem business as part of discontinued operations.
The company said it intends to use the proceeds from the sale to pay down outstanding debt and for general corporate purposes.
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